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Hyundai, Kia Motors and LG Chem Launch Contest to Invest in EV and Battery Startups

By CaseQ. , Jun 23, 2020 02:58 AM EDT

There has been an increasing demand for electric vehicles lately. So, in response to consumer demand, three major industries belonging to different brands namely Hyundai Motor Company, Kia Motors Corporation, and LG Chem are jointly sponsoring the "EV & Battery Challenge" (EVBC) as noted by Auto Connected Car News.

This is a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration which will be managed and faciliated by New Energy Nexus, an international start-up support organization.

The news article also mentioned that Hyundai will be releasing 44 eco-friendly models by 2025, half of them being electric vehicles.

The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to develop proof-of-concept projects while leveraging the sponsors' technical expertise, resources and laboratories.

This competition will not only offer start-up businesses the chance to highlight their technological advancements in electric batteries, but will also allow the sponsors to determine secure core technological capabilities that will bring more value to their customers.

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Contest Details

This contest is meant for start-ups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling and manufacturing.

They can apply through www.evbatterychallenge.com starting now to August 28. You can check out the contest trailer below.

"Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group's open innovation in the U.S. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants." as noted by Inside Devs. 

According to the President and Chief Innovation Officer of Hyundai Motor Group Youngcho Chi, he said that the company is looking to expanding our collaborations with start-ups that have promising and innovative ideas as we look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology,". 

Yesterday, the Hyundai Motor Group Executive Vice Chairman Chung Euisun made a visit to LG Chem's EV battery production site in Cheongju, North Chungcheong Province to discuss the future of electric batteries with LG Group Chairman Koo Kwang-mo in a report from The Korea Herald

Although LG has been long manufacturing EV batteries for Hyundai, the automaker is considering starting production of EVs tailored to Southeast Asia at a new plant in Indonesia alongside to acquiring a new EV battery supplier in a report from Reuters

You can check out the news report from Ariang News below. 

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